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Business

‘Revamped’ Bed Bath & Beyond emerges from bankruptcy with online site

By
Shannon Thaler
Published Aug. 1, 2023
Updated Aug. 1, 2023, 12:51 p.m. ET

Bankrupt retailer Bed Bath & Beyond relaunched on Tuesday with a “revamped” website after the company’s intellectual property assets were bought for $21.5 million by Overstock.com in June.

The big-box chain filed for Chapter 11 bankruptcy in April — shuttering its 360 stores — after failing to secure enough funds to stay afloat

Overstock CEO Jonathan Johnson touted the new site — which uses the same bedbathandbeyond.com URL — alongside an updated app and loyalty program.

“We didn’t want any confusion about what’s going to be our lovely site versus the garage-sale store that’s going on at [Bed Bath & Beyond] stores right now,” Johnson said in a statement. “I don’t want that taint on us.”

According to Johnson, the renewed e-commerce site has 600,000 new products, many of them brand names in the kitchen, bed and bath categories — that cost less than they were before the relaunch.

“Welcome to a bigger, better beyond,” the site’s refreshed landing page says.

Overstock CEO Jonathan Johnson said the new site will distance the refreshed brand from its "garage-sale stores."
Overstock CEO Jonathan Johnson said the new site will distance the refreshed brand from its “garage-sale stores.” Overstock

Johnson has reportedly been eyeing the acquisition of Bed Bath & Beyond for the past three years.

“We loved the brand, hated the business model,” Johnson told CBS News, noting that the new iteration of the once-storied retailer will be less reliant on its beloved coupons.

First-time users to the new site were greeted with a “spin to win” button that can knock and additional “15% off” and “$30 off $300.”

Johnson hopes the marriage of the brands will help Overstock reinvent its image and boost sales.

Overstock, which once thrived as an asset-light business, saw sagging sales that Johnson attributed to being “weighed down by a brand that doesn’t say who we are.”

“We’re a home furnishing and furniture company, and it sounds like we’re a liquidator, and that’s been a headwind for consumers and…for [our] suppliers,” he added, according to CBS.

Combining the Bed Bath & Beyond name and Overstock’s business model fixes both those issues, he said. 

Since joining forces on June 22, Overstock’s share price has risen roughly 45% — including nearly 10% in the past month — to $35.19.

Though Bed Bath & Beyond’s stock has plummeted — falling over 5% since last month — it was on the rise on Tuesday following the US website revamp.

Bed Bath & Beyond's website relaunched in the US on Tuesday under its new owner, Overstock.com, which bought the bankrupt company's intellectual property assets for $21.5 million in June.
Bed Bath & Beyond’s website relaunched in the US on Tuesday under its new owner, Overstock.com, which bought the bankrupt company’s intellectual property assets for $21.5 million in June. REUTERS

The updated website debuted in Canada at the end of June, and Johnson noted that the company has already seen a higher conversion rate in the country, which Johnson expects to happen in America.

The increased profits come after Bed Bath & Beyond struggled for years with dwindling sales and a failed merchandising strategy.